Increasing demand for point of care diagnostic techniques is the major driver for the growth of rapid medical diagnostic kits market. With the use of rapid medical test kits the specificity of the diagnosis is enhanced in less time duration, thus enabling prompt diagnosis. Rise in geriatric population base is a high impact rendering driver for this market, as the people of this age group demand quicker diagnosis and treatment. Increasing prevalence of various chronic and infectious diseases such as cancer and diabetes is also affecting the growth of this market positively.
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On the basis of applications the market is divided into clinical testing, home-use and veterinary. The home-use segment accounted for significant market share in 2013, on account of highly used blood glucose testing devices. This rise is the consequence of the increasing prevalence of diabetes globally and the constant need of patients to monitor the blood glucose level. Under the technology segment lateral flow held lucrative market share on account of the use of this technology in numerous approved medical diagnostic kits. The lateral flow technology provides quick turnaround time and ease of use thereby, has a benefit over other technologies.
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Regionally, North America dominated the global rapid medical diagnostic kits market owing to the presences of larger population suffering from various chronic and infectious diseases. Asia Pacific is expected to witness lucrative growth in the coming six years. Rising disposable income coupled with awareness about the benefits of rapid medical diagnostic kits contributed towards the growth of this region.
Rapid medical diagnostic kits market is consolidated, with few key players dominating the market with their proprietary products and highly competitive strategies. The major players in the global rapid medical diagnostic kits market include MegaCor Diagnostik GmbH, BioRad Laboratories, Abbott Laboratories, F. Hoffmann La Roche, Danaher Corporation and Becton Dickinson & Company.
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